Star real estate agent, writer and TV personality Ryan Serhant has suggested that 50% of real estate transactions will be conducted using cryptocurrencies in the next five years.
Ryan Serhant, host of Million Dollar Listing New York, who has sold over $ 1 billion in real estate, said there has been a “boom” in the virtual real estate market this year. Individuals and organizations have paid hundreds of thousands of dollars in ETH and other cryptocurrencies to “stake out” their right to any object, and some people buy real estate with cryptocurrency and in the real world. According to Serhant’s forecasts, in the next five years, half of real estate transactions will be carried out using cryptoassets.
“We live in a unique time. Soon there will be many “whales” who will convert their cryptocurrencies into tangible assets, buying penthouses and land. This month we have two wallet-to-wallet cryptocurrency deals in New York alone. In addition, in December, we plan to conduct seven deals with BitPay, ”said Serhant.
The famous real estate agent is confident that as cryptocurrencies are introduced among the population, they will become a familiar way of paying for housing for people. Banks also need to add digital assets to their product line to make home lending easier, Serhant said, but the time has not come yet.
“If I go to a lender for a home loan and tell him that all my assets are invested in the SOL, ETH and BTC cryptocurrencies, he will call it too risky an adventure. The lender will say: “Cryptocurrencies are unstable, so we cannot give you a loan on such terms or we will provide it to you at 25%,” added Serhant.
He noted that even as cryptocurrencies are increasingly being used to buy things, real estate agencies cannot just sell homes to anyone with a Bitcoin wallet. We are talking about compliance with regulatory requirements and the KYC procedure to prevent criminals and individuals on the US sanctions list from buying real estate in the US market using cryptocurrencies.
“I am definitely a supporter of safe money. But, at the same time, if the use of cryptocurrencies simplifies and speeds up the purchase of housing, it looks quite convincing. If someone has $ 20 million in ETH and would like to use $ 15 million of that to buy an apartment, I would be happy to mediate this deal, ”Serhant said.
As a reminder, in 2017, the first real estate transaction completed in BTC took place in Texas. In addition, in October this year, the Australian auction house Lloyds Auctions added the ability to buy real estate and other goods with Bitcoin.
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